The medical imaging market plays a crucial role in modern healthcare, offering a wide range of applications and benefits. It aids in diagnosing and monitoring various medical conditions, including cancer, cardiovascular diseases, and neurological disorders. Medical imaging technologies such as MRI, CT scans, and ultrasound enable non-invasive visualization of internal structures, assisting in early disease detection and treatment planning. These technologies reduce the need for exploratory surgeries, enhance patient care, and improve medical research. Additionally, they contribute to improved patient outcomes and lower healthcare costs, making them indispensable in today's medical landscape.
According to Data Bridge Market Research, the Global Medical Imaging Market, valued at USD 21.24 billion in 2022, will reach USD 33.08 billion by 2030, growing at a CAGR of 5.69% during the forecast period of 2023 to 2030.
“Substantial demand for diagnostic imaging boosts the market’s growth”
The global medical imaging reagents market is propelled by product advancements and the substantial demand for diagnostic imaging in conditions such as cancer and cardiovascular diseases. Cardiovascular ailments, a leading global cause of mortality, exemplify this need. Additionally, the expanding elderly population, prone to chronic conditions, is expected to drive demand for these reagents. The market's robust growth is further attributed to the prevalence of numerous chronic diseases, underscoring its significance.
What restraints the growth of the global medical imaging market?
“Hospitals' cautious approach restraints the market’s growth”
Hospitals' cautious approach to prevent cross-infections among patients and medical staff has had adverse effects on the market. Hospitals have minimized routine checkups and follow-ups to mitigate disease transmission risks, focusing mainly on severe cases. Consequently, there has been a decrease in the frequency of orthopedic patients undergoing imaging procedures. The heightened risk of patients sharing imaging equipment with infected individuals has significantly constrained market expansion.
Segmentation: Global Medical Imaging Market
The global medical imaging market is segmented on the basis of procedures, technology, modality, patient type, application, and end users.
- On the basis of procedures, the global medical imaging market is segmented into X-Ray imaging, computed tomography (CT) scan, magnetic resonance imaging (MRI), ultrasound, nuclear imaging (SPECT/PET), mammography, molecular imaging, and others.
- On the basis of technology, the global medical imaging market is segmented into direct digital radiology, and computed radiology.
- On the basis of modality, the global medical imaging market is segmented into stationary, portable
- On the basis of patient type, the global medical imaging market is segmented into adults, and pediatric
- On the basis of application, the global medical imaging market is segmented into general imaging, thoracic cardiology, obstetrics, orthopaedics and musculoskeletal, neuro and spine, pelvic and abdominal, oncology, radiography, fluoroscopy, gynaecology, urology, musculoskeletal, dental, others
- On the basis of end users, the global medical imaging market is segmented into hospitals, diagnostic centers, imaging centers, specialty clinics, ambulatory surgical centers, academic and research institutes, and others.
Regional Insights: North America dominates the Global Medical Imaging Market
North America dominates the market in the forecasted period, driven by evolving consumer preferences and increased consumer spending. Furthermore, the growth of multiple production sectors is expected to contribute to the advancement of the rubber compound industry in the region.
Asia-Pacific is poised to experience the most substantial growth rate in the forecasted period, primarily driven by the proliferation of businesses in emerging economies. The surge in demand for diagnostics in clinics, hospitals, and various industries has led to a higher number of businesses in these nations. Additionally, the increasing healthcare expenditure, coupled with the expansion of hospitals and clinical diagnostic labs in China and India, is fueling the demand for medical imaging.
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Recent Developments
- In 2022, Canon Medical Systems announced the acquisition of Nordisk Röntgen Teknik, a prominent manufacturer of diagnostic X-ray systems. This strategic move has bolstered Nordisk Röntgen Teknik's global presence within the X-ray industry.
- In 2022, Siemens Healthineers unveiled its latest MRI system, the MANGETOM free star, and the NAETOM alpha CT scanner during the 74th National Conference IRIA 2022 in Bengaluru. These cutting-edge medical imaging technologies expanded the company's customer base.
- In 2021, GE Healthcare introduced the Vscan AirTM pocket ultrasound, a wireless device with exceptional image quality, whole-body scanning capabilities, and user-friendly software, enhancing doctors' diagnostic capabilities.
- In 2021, Esaote North America launched the MyLab X8 Ultrasound System in Canada, offering advanced features, the latest technology, and high-quality imaging without compromising productivity. Previously, it had received FDA approval in the United States.
The Prominent Key Players Operating in the Global Medical Imaging Market Include:
- Koninklijke Philips N.V. (Netherlands)
- RamSoft, Inc. (Canada)
- InHealth Group (U.K.)
- Siemens Healthcare GmbH (Germany)
- Sonic Healthcare Limited (Australia)
- GE HealthCare (U.S.)
- Akumin Inc. (U.S.)
- Hologic Inc. (U.S.)
- Shimadzu Corporation (Japan)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- ZEISS (Germany)
- FUJIFILM Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Carestream Health (U.S.)
- UNILABS (Switzerland)
- ONRAD, Inc. (U.S.)
- Narang Medical Limited (India)
- Johnson & Johnson Services, Inc (U.S.)
- BD (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global medical imaging market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Imaging Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
